Table of Contents
~ Have Too Much Debt? We Can Help
~ Debt statistics from a nationwide survey
~ Finding the Right Debt Relief Solution Is Critical
~ Finding the right way to solve the problem.
~ Our Goal at Richard Killen & Associates
~ Contact a Licensed Insolvency Trustee in Toronto for Better Debt Relief Services
Are you looking for debt relief in Canada and the perfect debt solutions to solve your debts that most likely have been growing each month? You are not alone, in fact far from it. According to Equifax at the end of 2019, the average non-mortgage debt that includes, loans, credit cards and the like is $23,000.
Debt Relief Canada Services
In our 25 years in this industry, we at Richard Killen & Associates have seen one particularly important concern with people who are struggling to find debt relief programs in Canada. It is that they feel so overwhelmed, to the point where they don’t know what to do to make their situation better. Financial counselling and various debt solutions and services can help you manage your financial issues, but with so many options to choose from, it can become a very confusing process.
Have Too Much Debt? We Can Help
Too much debt can become an overpowering force. It can leave you feeling helpless and hopeless like there’s little you can do to solve it. You can feel an intense amount of guilt and shame, almost like you did something wrong and you wallow in self-blame for the hole that you had dug yourself into. You also feel like there’s no one to talk to, you hide in your bubble of money worries afraid that family members and friends would judge you if they knew your credit card balances. If stressing over these problems goes on for a long time, it can cause anxiety, depression, and other symptoms that can eventually affect your mental health.
We at Richard Killen & Associates know very well what you’re going through. For 25 years, we’ve helped thousands of people in the GTA so we are very familiar with the stress people go through and how it can handicap your performance in the real world.
When you’ve been caught in a downward spiral of monetary issues, struggling to make payments over the years just trying to break free, it can take a toll on you and negatively impact the way you look at life.
It can feel like you’re the only one in the world going through it. But you know what’s good to know? It is not just you but also hundreds of thousands of Canadians are currently carrying too much debt.
These debt statistics from a nationwide survey by MNP in 2019 tell a different story:
– 1 in 3 Canadians are not able to cover monthly bills while keeping up with their debt repayments, and
– Nearly half of Canadians are within $200 of not being able to pay their bills and debt at all. Many feel that not being able to cope with payments could push them close to bankruptcy
If you have reached a point where you can no longer meet monthly payments and the stress is starting to make you lose sleep or make you sick, you need a solution to get your finances back in control.
At Richard Killen & Associates we can guarantee that no matter how big your liabilities are, there is a way to solve it. But you must do one thing — don’t put off too long to get the help you need.
What you need to do if you have too much debt, is to “stop the bleeding” right away and then figure out a solution. You can’t solve money problems if you just wait and let your liabilities keep piling up. You may think that it’s easier not to worry about it, but ignoring it just compounds the problem when you add up the amount of interest you’re paying every month.
It’s great if you can work out a solution on your own. However, if you see that you’re not managing to cope with repayments at all, don’t hesitate to seek help right away. There are professionals in the field who can help you look at all the solutions available to you before you make a final decision.
Solve Your Debts- Who Can Help You?
We can tell you this, most of those who have come to our office at Richard Killen & Associates for a consultation discover in the end that simply talking to someone knowledgeable and experienced greatly helped them find some sort of clarity and direction. Just knowing your options, what’s available out there to help you solve your problem, can be empowering and stress relieving. That is why it is important to approach a debt counsellor who can offer professional advice when it comes to debt solutions services.
Debt Solutions Canada: Finding the Right Debt Relief Solution Is Critical
Getting out of debt may seem very impossible to you now, but it’s not as insurmountable as you think. We Canadians are very lucky as we have several ways available to help us solve these problems.
For one, there are self-help techniques. Budgeting methods or doing a balance transfer to a zero-percent credit card, for example, can be very effective particularly for lower levels of debt that are under $5,000.
For larger levels that need more drastic measures, there are professional debt relief services such as a debt management plan through a credit counselling agency or a consolidation loan.
And if those don’t work, there are insolvency solutions such as a consumer proposal or personal bankruptcy if your situation is extremely desperate.
However, with all the different debt relief programs to choose from, it’s not an easy decision to make.
How to get out of debt Canada: Finding the right way to solve the problem
There are many things to take into account:
- Each one’s debt problem is different.
- There is no one way to solve a financial problem.
- Your financial circumstances are unique from other debtors.
- Finding the best solution will depend entirely on your own unique financial position.
In other words, getting out of debt involves many things and there are a lot of decisions that need to be made. Most likely, you’ll make some mistakes along the way. We’ve seen it happen so many times where people resort to solutions that make their problems worse. For example, they use the money from their line of credit to pay their credit cards but don’t stop using the cards, so they rack up their card balances again and are in worse shape than ever. It’s such an easy trap to fall into.
In order to come up with an effective solution, you have to clearly define your debt problem.
- How much debt do you have?
- Where did all your debt come from?
- How much debt can you afford to pay?
- What is the best way to solve your money problems?
- What happened to cause your debt problems?
The importance of properly diagnosing your problem is an essential step to solving it. This is just the tip of the real issue. To find the true solution, you need to dig deeper and look inward to the root cause. Do you have bad spending habits? Is your budget realistic? Are you spending more than you are earning?
Our goal at Richard Killen & Associates is to provide you with debt solutions services that will solve all of your financial problems once and for all.
We believe strongly that while it is important to understand the main circumstance that started the issue, it is more important to set in place a plan with guidelines to prevent the problem from recurring. With that said, we will help you identify the best debt relief options for your financial circumstances and we will also make sure to help you put measures in place to prevent these problems from coming back.
Contact a Licensed Insolvency Trustee in Toronto for Better Debt Relief Services
A Licensed Insolvency Trustee is the highest debt professional in Canada. They are licensed and regulated by the federal government and their knowledge and experience will help make it easier to get out of debt. The OSB recommends that you contact a Trustee directly to avoid paying unnecessary fees and to get accurate advice for your financial situation.
Debt can make you scared. It can make you feel embarrassed about your financial situation. It can make you feel lonely. It can make you sick. However, it is not a death sentence.
You may be in a bad spot right now, but if you put in the hard work it’s possible for you to get to that place where you are debt free. Don’t be discouraged. Don’t let fear, shame, or other feelings keep you from reaching out for help.
Let Richard Killen & Associates give you a hand. Visit any of our 11 offices located across the Greater Toronto Area (GTA) or give us a call at 1-888-545-5365 to book your FREE initial consultation with one of our Licensed Insolvency Trustees. Contact us now for debt relief in Canada for the best debt solutions to solve your debts and prevent them from reoccurring.